EyeCity.Com, Inc. Shareholder Update of Strategic Planning For
Additional Oil and Gas Well Acquisitions.
LAKE MARY, Fla., Nov. 15, 2012 /PRNewswire/ -- EyeCity.com,
Inc. (Pink Sheets: ICTY) Bradley
Wilson, CEO of ICTY, is pleased to provide the following
update to shareholders.
EyeCity.com, Inc. ("ICTY" and/or "Company") focus has been on
the implementation of a Four Phase Program to enhance the company's
value and generate revenue.
- Phase One: To facilitate acquisitions to build Company Growth
and complete all regulatory filings to uplist to the OTC Current
tier. This Phase was completed last week.
- Phase Two: To complete the first in a series of planned
acquisitions of oil producing wells to create immediate recurring
revenues for the Company. This Phase was completed with the
previously announced acquisition of 3 wells in Cobb, Texas.
- Phase Three is to bring in experienced management, operating
officers and technical experts to complete additional acquisitions
for increased revenue and long term growth of the Company.
- Phase Four is to fulfill the requirements to become an SEC
filer and uplist to the OTCQB tier within the next 6 to 9
months.
The completion of filings for the Company to be at the OTC
Current tier and acquisition of the Cobb, Texas wells marked major milestones for
ICTY. Cobb, Texas is located
within Haskell County Texas, a
significant crude oil producer in the
United States. Oil production in Haskell County has grown from over 22,000
barrels per year in 1938 to over one million barrels per year in
1978, with aggregated production well over 100 million
barrels. The US oil and gas exploration and production
industry has combined annual revenue of about $290 billion.
The Company previously announced the acquisition of 3 wells,
with an option for 6 additional wells; ICTY acquired 100% of the WI
("Working Interest") and 75% of the NRI ("Net Royalty Interest") in
these wells. The planned stimulation program for these wells
will be primarily "water flood injection into the formation".
Therefore, production for these first 3 wells can be projected at
approximately 10 BBL/day with a potential of 18 BBL/day.
Based upon an average of 360 production days per year and an
$85 Net Crude Sales Price per Barrel
this equates to $306,000 (75% NRI
$229,500) to $550,000 (75% NRI $413,000).
ICTY is evaluating an additional 20 wells in Cobb, Texas for acquisition. Each individual well to
be considered for a possible purchase and investment will be
evaluated on their individual merit as to its feasibility
to produce positive cash flow and increase shareholder value.
As part of our Phase Three growth, the Company has targeted
acquisitions in Cobb, Texas and
Alberta Canada that would
represent potentially over 100 BBL/per day of additional crude oil
production.
The Company will continue to report details of acquisitions as
well as additions to our executive team and board over the course
of the next several weeks as well as updates on mining
initiatives. The decision by Company management to expand
into the Oil and Gas Sector has already produced tremendous results
to continuously build upon.
"The importance of becoming an OTC current filer and completing
the first acquisition will become evident to shareholders as we
continue to build upon this positive momentum. I am committed
to consistent shareholder updates as we continue to execute on our
business plan which includes emerging as a fully reporting SEC
filer, expanding revenue, increasing shareholder value and long
term growth potential. Success to any business is its
foundation and the wells in Texas
and Alberta provide us a
foundation of bedrock to build upon" CEO Wilson stated.
About Eyecity.com Inc.
Eyecity.com, Inc. is currently transitioning its business model
towards a focus on natural resources. The primary focus in
this sector is targeted towards oil and gas and the exploration and
mining.
For further Information and inquiries:
eyecityresourcegroup@gmail.com
FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of
historical fact, may include forward-looking information that
involves various risks and uncertainties. There can be no
assurance that such forward-looking statements will prove to be
accurate. Actual result and future events could differ
materially from those anticipated in such statements. These
and all subsequent written and oral forward-looking statements are
based on the estimates and opinions of management on the dates they
are made and expressly qualified in their entirety by this
notice. The Company assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change, other than as required pursuant to
applicable securities laws.
SOURCE EyeCity.com, Inc.
